Latest News

Nikola Founder Has Now Sold $317 Million of Stock Since Charges

0

(Bloomberg) — Nikola Corp. founder Trevor Milton, who’s been charged by the U.S. with securities fraud, offloaded stock worth about $33.5 million in the electric truck-maker, bringing the total he’s disposed since August to more than $317 million.

Most Read from Bloomberg

Reliving the New York Subway Map Debate

‘Ghost Signs’ Haunt London’s Reviving Neighborhoods

China Cash Flowed Through Congo Bank to Former President’s Cronies

‘Pension Poachers’ Are Targeting America’s Elderly Veterans

Milton sold 3.29 million shares this week, according to a regulatory filing. Nikola’s former executive chairman dumped about $153 million of stock in two rounds in August, weeks after pleading not guilty to charges of misleading investors.

The stock has dropped 45% in the past year, though Milton is still worth about $1.3 billion, according to the Bloomberg Billionaires Index.

Milton made false and misleading statements about aspects of Nikola’s business, according to a criminal indictment unsealed in July.

Nikola announced last month it was in talks with the U.S. Securities and Exchange Commission to resolve its investigation and expects to pay a $125 million civil penalty.

Most Read from Bloomberg Businessweek

The Meme Stock

Paige Bueckers, a College Athlete Who’s Cashing In

Karen Lynch, the Shot Caller at CVS

David Baszucki, Roblox’s ‘Builderman’

Charlie Penner, the Investor Reshaping Exxon From the Inside

©2021 Bloomberg L.P.

WeWork discloses ‘material weakness’ and plans to restate financials of SPAC sponsor

Previous article

Qualcomm jumps into hot gaming market with new chip for portable game consoles

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Latest News